Money Clip

Oct 16, 2014 | 02:46

Will Apple Pay transform mobile payments?

Wells Fargo Director of Mobile Brian Pearce explains why the bank is part of the mobile payment system and how it works.

TRANSCRIPT +

The iPhone six. It's bigger it's better. And you can pay your bills look it. To talk about this I have Brian -- who's the head of mobile at Wells Fargo -- thank you for coming thanks so much to supply this is an iPhone 5 because I have gotten classics yes but. I would wanna pay my bills that. You know what it's a great new innovation and a fantastic way that you can use your existing Wells Fargo credit and debit cards. You -- larger -- on the phone and then go to the point of sale and actually just happened -- it's really simple. And certainly congress -- Laguna and able -- e-commerce apps to have a simple really simple checkout experience for apple as well so. It's going to be so convenient and it's very very secure. Talking about security because. Convenient -- one thing but I think people are very reluctant to start paying bills that there. We know what we began this discussion apple partnership that was really our first priority was to really understand sort of safety and security solution. And so we were to go with them and I would come up with a great customer experience but one that's very secure as well. And basically this using a special one time credit card number that sits on your phone or debit card secure phone so it's really secure way to turn back. -- -- different credit card and the other credit cards yes although the number basically that is the number -- the phone uses is different -- number. Piece of plastic in your ball very very secure. And it basically easily able to be used one time so it's fantastic ways that we can venture transaction security. Now what I'm going to be pain for a mean obviously people been doing this the Starbucks -- along different ways but. What are the kind of transaction that you envision people doing there on. You know what there's really two different tax -- actually going to be able to do. So today by many places where it where you can go and actually swipe a credit card he built a -- now instead. And Apple's working the number of march and they've announced a large number merchants. Home including people like whole foods that are out there that you'll be Old -- pay and I suspect they'll be a lot of merchants that are coming. And they also -- to do. Terms actions approach is actually an -- So certain apps and -- announced like target.com. That at the launch you'll be able to -- to purchase inside the -- easier -- pay. Cars. Now what when I leave the country because that's always been a very frustrating thing for American consumers because of the way our chips work in our -- credit -- My going to be apologists overseas not at this point but might be a great thing than in the future but for now that those transactions we -- you start to we got to work on out of it it's coming. -- -- -- so much frank hears from us -- out. Thank you think for having me I'm learning how. This is writers.

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